For those that would like a little more of a helping hand when it comes to sorting out their KiwiSaver, we work with a network of knowledgeable Facilitators who walk their clients through the kōura KiwiSaver process and provide ongoing support.
This month we're shining a spotlight on Kieran Welsby!
Tell us a little bit about you and your business?
I’m a Mortgage & Insurance Adviser at (and co-owner of) Orange Network. In a nutshell, we help people to get into debt and put in place insurance products that (touch wood!) they’ll hopefully never need. We primarily specialise in business lending and development finance but deal with all types of lending and clients across the board, and risk insurance flows through as a result. We’re relationship-focused and we want our clients walking out the door in a better financial position than when they walk in. It’s a lot of fun!
How do you introduce the kōura process to your clients?
It comes very naturally. More often than not, if we’re getting someone into a new mortgage, that means their financial position/risks have changed, so adding Kiwisaver into the mix at that point is logical. For mortgages, this typically comes once a loan is finalised/the client is preparing for settlement, and their plan is ‘set’. It’s a really painless process that takes up very little of the clients’ time.
How do your clients react to the review and proposal?
I’d say there are three key reactions I’m seeing regularly:
- Surprise – clients are always surprised by how much they could save and how much higher their balance could be with a better-performing fund. Most people have no idea what their current fees are or how well their current fund has been performing, so it’s always a bit of an eye-opener.
- Confusion – a lot of clients don’t actually know who their current provider even is, and even more don’t know what type of fund they’re in. There’s always a bit of digging for the client to do up-front so we can get the comparisons right, but if you don’t know who your provider is then how can you be sure your fund is the right one for you? The Koura review process is already adding a significant amount of value to the client when this is identified.
- Gratitude – I’m finding that people just seem genuinely happy to have someone talking to them about Kiwisaver. I’m yet to come across a client that’s actually sat down with a human before to talk about Kiwisaver – so that’s nice.
What do you think your conversion rate is?
For people I’m sitting down with and completing the review with in-person – I’d say 95%. That rate drops down quite significantly when I send out a link – I’m finding in-person is definitely the best way to go. It really sets the process apart from what other providers can/do offer, so it’s definitely my preference to be in-person, too.
How do clients react to the additional 30bp fee?
I am yet to come across anyone worried about this! The vast majority of clients are still saving a significant amount of money when compared to their current provider that’s offering no human relationship, and I think clients get that – they seem very happy to pay this. Just explain it well – clients are receiving a beneficial service from having us help them out, so they’ll be receiving value for money.
Any tips for new facilitators nervous about having a conversation with their clients?
Once you’ve chosen to sit down with a client, your time is being taken up – so if they, for example, can’t borrow any money/obtain a mortgage and don’t want/need insurance (or whatever else you might offer), that’s an hour that you’re not being paid for. Adding the Kiwisaver question into the mix for every client adds serious value to them, and to your business, and means that regardless of what might happen with other products, you have a chance to on-board that lead as a client, generate some income and form an ongoing relationship that (hopefully) means they’ll be coming back to see you in the future. Don’t be afraid to have the conversation – the worst that can happen is that they might say no, and the chances are you’ll be doing them a huge favour.